DLL, COM component Visual Studio 2003 - 2008 interaction

I've developed a Class Library in VB.Net 2008 and trying to use that in an application that is developed in Visual Studio 2003. But while adding a reference to the Class Library in an Application getting an Error from Microsoft Development Environment -
A reference to Test.dll ( Class Library that I developed in Visual Studio 2008) could not be added. This is not a valid assembly or COM component. only assemblies with extension 'dll' and COM components can be referenced. Please make sure that the file is accessible and that it is a valid assembly or COM component.

i don't think that is possible, because 2003 in 1.1 architechture. So you can't use higher versions directly. See the following post..
http://bytes.com/forum/thread436418.html
http://social.msdn.microsoft.com/Forums/en-US/clr/thread/46a31412-d47e-4b74-a70b-b5d03cb99248/

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